TherapeuticsMD is a pharmaceutical royalty company focused on women's healthcare. The company no longer develops or sells drugs directly — it owns intellectual property for a portfolio of women's health drugs and collects royalties from licensees who commercialize those drugs. The core royalty-generating products are IMVEXXY (estradiol vaginal inserts for menopause-related vaginal atrophy), BIJUVA (estradiol and progesterone capsules for hot flashes), ANNOVERA (a one-year contraceptive vaginal ring), and branded prenatal vitamins. Mayne Pharma holds exclusive U.S. licenses for all four products, Theramex holds rights in most ex-U.S. markets, and Knight Therapeutics holds rights in Canada. The U.S. royalty structure pays TherapeuticsMD 8% on the first $80M in annual net sales and 7.5% above that, with a $3M annual minimum royalty floor (inflation-adjusted at 3% annually) over 12 years, plus milestone payments tied to sales thresholds. The royalty rate drops to 2% for any product once its patents expire or a generic launches — Amneal already has a license to launch a generic BIJUVA in May 2032, which represents a meaningful future revenue risk. TherapeuticsMD operates with essentially one full-time employee and outsources legal and financial functions, keeping its cost base minimal. The company is currently in active litigation with Mayne Pharma, with both parties having sued each other for breach of contract, creating material uncertainty around TherapeuticsMD's financial position and going concern status.